Loan Repayment Difficulties

Committed to Helping Members in Financial Difficulties.

We recognise that it can be very difficult and stressful when your circumstances change, and you find yourself unable to meet financial commitments. This can happen if you lose your job, become ill or find your personal circumstances have changed. Sometimes, these can be addressed easily but if ignored, can be damaging. For example, missing a payment will increase the cost of your loan over the long term and may also affect your credit history. This may limit your ability to access credit in the future. That’s why if you find yourself in this position, it is important to seek help as soon as possible.

We are committed to helping members in financial difficulties. We understand each member’s situation is different and needs to be assessed based on their circumstances.  As a responsible lender we try hard to be flexible to help individual members and can often agree an alternative arrangement if your circumstances change. However, we have a duty and legal right to recover monies borrowed, as these are the savings deposited by other members.

You are not alone in finding yourself in this situation. You can contact any member of our Credit Control team at 0539233835 or email us at creditcontrol@enniscorthycu.ie.

Personal Loan Repayment Difficulties

You should be aware that reduced payment arrangements or arrears will form part of your credit history with the Central Credit Register. This may impact your ability to obtain credit with us and other financial institutions in the future.

Enniscorthy Credit Union recommends that you contact us at the earliest possible stage to advise us of any changes in your circumstances or any temporary difficulties you might be experiencing.

Your credit union is flexible and is willing to work with you to help you through a difficult period. It is very important that you contact us to discuss your options and to keep us informed.

Mortgage Arrears

If you are having trouble meeting your mortgage repayments with us or concerned that you may have trouble in the future, please contact us. We have an Information Booklet on dealing with mortgage arrears which is available at the following link. It sets out important information on our process.  A printed copy is available on request from any of our branches.

Do’s and Don’ts

• Don’t ignore the problem – it could affect your credit rating, so it is important to act quickly to address any potential issues.
• You may find it useful to draw up a budget based on your current income and spending. The Competition and Consumer Protection Authority (CCPC) has a useful budget planner which may help you. We have linked to it here. In that planner, you can input your income and bills and other expenses. It may help you find areas where you can make some savings.
• Contact us if you are facing difficulties. It is important that you keep in touch and engage fully so that we can help you work out a resolution.
• Please ensure payments continue to be made on foot of your loan account until we have agreed a weekly/monthly payment that is suitable for you and the Credit Union as this may affect an agreement being reached.
• You should be aware that reduced payment arrangements or arrears usually affect your credit report with the Central Credit Register. This may impact your ability to obtain credit with us and other financial institutions in the future.

The main thing, is to keep in touch with us, we are here to help.

Please contact 0539233835 (Mon – Fri 10am to 5pm, Sat 9-4pm) or email creditcontrol@enniscorthycu.ie